Wednesday, 23 January, 2019

China Trade Talks Wrap Up After Extending To Third Day

What hope for markets in the US-China trade talks? China Trade Talks Wrap Up After Extending To Third Day
Rhonda Young | 10 January, 2019, 20:29

Some degree of optimism followed a U.S. trade delegation home from Beijing on Wednesday, after the most comprehensive trade negotiations held yet between the world's two largest economies since a tit-for-tat tariff battle ensued past year.

China and the United States wrapped up three days of trade talks and are reportedly coordinating how to characterize the results publicly as officials from both nations expressed optimism that progress had been made.

"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States", the statement, released by the Office of the US Trade Representative, said.

No schedule for further face-to-face negotiations was released, and USTR said the American delegation would return to Washington to report on the meetings and "to receive guidance on the next steps".

USA officials have long complained that China has failed to live up to trade promises, often citing Beijing's pledges to resume imports of American beef that took more than a decade to implement. Asian markets closed on a high note Wednesday on the expectation the two sides will reach an agreement.

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So far, the US side has described the exchanges in a positive light.

The U.S. and China have slapped a tariffs on a combined $360 billion in each other's imports since July. Liu made a brief appearance at the talks in Beijing on Monday, boosting optimism that China was serious about making progress.

And the USA says China has agreed to buy substantially more American goods.

In addition to the large trade deficit, the U.S. has long complained about such structural issues.

The negotiations were extended from the two days initially scheduled, according to the Chinese.

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The United States has long complained about access to the vast Chinese market and Beijing's demands US companies reveal their technology advances. If the talks were successful, they could lead to discussions in Washington between senior officials of both countries, NPR has reported. This meeting was previously unscheduled, signaling the two sides could be coming together on key issues.

If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month. The council and other USA business groups have pressed for a resolution to the trade hostilities between the world's two biggest economies.

Tesla broke ground this week in Shanghai on its first factory outside the U.S. Musk said production of its Model 3 would start late this year. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based worldwide order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

The US imposed tariffs on more than $250bn (£195.6bn) worth of Chinese goods, with the threat of more to come.

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